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 The measure aims to address an overheated real estate market
fueled partly by the growth of Seattle-based Internet retailer
Amazon.com and other companies, which is pricing out low- and
middle-income residents.
The new ordinance, part a set of proposals that could add 20,000
units of affordable housing over 10 years, will provide 6,000 units
paid for by private residential and commercial developers, the mayor
said.
The law imposes a special fee on commercial developments ranging
from $5 to $17 per square foot, based on a building's size and
location.
A separate resolution, passed by the City Council, requires that up
to 8 percent of multifamily dwellings be set aside for residents
earning no more than 60 percent of the area's median income -
$37,680 for an individual or $53,760 for a family of four.
Alternatively, developers could pay a fee to help finance off-site
affordable housing.
The measures signed by the Democratic mayor were passed by the City
Council on Nov. 9.
Affordable housing has been a top political issue in Seattle, a city
of 650,000 residents, especially in gentrifying neighborhoods.
A lack of affordable housing, combined with stagnant or falling
wages, has been cited by analysts as a contributing factor to
homelessness in a number of U.S. cities.
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Opponents of the measures, including the Real Estate Investors
Association of Washington, have said looser zoning and permitting,
rather than mandates and fees, would increase inventory and lower
prices.
Murray is also calling for a bigger property-tax levy in 2016 and
for state lawmakers to grant the city the authority to expand a real
estate excise tax to fund affordable housing.
(Reporting by Eric M. Johnson in Seattle; Editing by Peter Cooney)
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